Chevron Enters Kurdistan With Reliance Oil Block Stakes

Law360, New York (July 19, 2012, 1:25 PM EDT) -- Chevron Corp. has picked up controlling stakes in two oil exploration blocks in Iraq's Kurdistan region from Indian energy conglomerate Reliance Industries Ltd., Chevron said Thursday, following fellow U.S. drilling powerhouse Exxon Mobil Corp. into a zone hotly contested by Iraq's government.

The San Ramon, Calif.-based company will take over an 80 percent interest in each of the blocks, dubbed Rovi and Sarta, which together cover roughly 490 square miles in semiautonomous Kurdistan, which borders Iran and Turkey.

Estimates have pegged the plots' reserves at around...
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